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How to add Prudential Insurance policy

IanRowlands

I have a Prudential Insurance Policy that has a cash value which I would like to track in Net Worth. Though Add Accounts offers several options, all seemingly for Prudential.com, they don't seem to recognize the Insurance policy, and I suspect I've got the wrong option. Please help.

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NotACPA

I'd be greatly surprised if the value/activity on an insurance policy is downloadable. Just set it up as an offline asset, and update the Cash Value manually once a year or so.

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NotACPA

I'd be greatly surprised if the value/activity on an insurance policy is downloadable. Just set it up as an offline asset, and update the Cash Value manually once a year or so.

IanRowlands

Fair enough, thanks.

I second that. Keep it simple as suggested.

That cash value will likely give you a false net worth. I suggest that you research it and you will find out that the many fees involved will reduce that amount, sometimes by a lot depending on the circumstances of using it and any potential tax implications. Of course you may already know this.

NotACPA

@bk, even though the OP didn't state such, I interpreted the "cash value" as meaning that a "Whole Life" insurance policy is being discussed … and they do indeed have a Cash value, although it's greatly less than the face value of the policy.

BUT, that cash value of a whole life policy can be borrowed against and taken out of the policy … which is why I didn't discount it.

IanRowlands

That’s correct. It’s a whole life policy, and indeed I want to include the cash value (not the face value)

I am with you on that @NotACPA and that is what I interpreted as well since cash value is a common attribute of permanent life and I am familiar with how that cash value grows. I view the cash value as an urgent source of borrowing, rather than an addition to net worth (not considering the surrender option).

NotACPA

@BK, how one uses the Cash value is an individual decision, but it's still an asset … which is why I think it should be included in Net Worth.

Any decision as to what to include in Net Worth should, in my opinion, not even be a decision … it should include everything that's an Asset or liability. I even carried a "payable monthly after retirement" annuity in my net worth because it had a pre-retirement death benefit.

Now that I'm retired, I drawdown from that annuity every month. Later this year when the current value of the annuity is exhausted, I'll make the switch to recording that monthly income in an Income category rather than an asset transfer.

BUT, you gotta remember that I'm a former Audit VP … and my wife will tell you that I'm a bit a*** retentive.

IanRowlands

NotACPA, I’m with you. So I’m trying to be rigorous about capturing all assets and liabilities. Classifying into different time horizons is worthwhile, but it shouldn’t be a way to exclude assets.

as @IanRowlands wrote earlier, "Fair enough, thanks".

I always enjoy these these discussion since they are a learning experience, and that is one of the reasons of being here.

Cheers to both of you.